Premium producer MGP Ingredients announced that its subsidiary Luxco is acquiring bourbon bottling company Penelope Bourbon on Tuesday, according to a company press release. The acquisition — which includes 100 percent of Penelope’s equity and intellectual property — is valued at an initial $105 million, with up to a $110.8 million cash payout expected if certain “performance conditions” are met. The acquisition is expected to close next month.
“Since our initial product launch in 2019, it has been amazing to watch consumers embrace our brand,” says Penelope COO and co-founder Daniel Polise in the release. “We look forward to expanding our partnership with MGP and building on our legacy,”
